2023 Annual Results Release
Dexus today announced its results for the 12 months ended 30 June 2023, confirming a distribution of 51.6 cents per security.
- AFFO1 and distributions of $555.0 million or 51.6 cents per security, down 3.0% on the previous corresponding period
- Statutory net loss after tax of $752.7 million, compared to a statutory net profit after tax of $1,615.9 million in FY22, primarily driven by unrealised fair valuation losses on investment property in FY23 compared to gains in FY22
- Return on Contributed Equity (ROCE)2 of 8.0%
- Pro forma Gearing (look-through)3 remains conservative at 27.9%, with 86% of debt hedged across FY23 and an average hedge maturity of 4.8 years
- Achieved First Completion of the acquisition of AMP Capital’s domestic real estate and infrastructure equity business in March 2023
- Raised $1.6 billion4 of new equity across the platform, including $440 million for Dexus Healthcare Property Fund (DHPF), circa $200 million for Dexus Real Estate Partnership 1 (DREP1), and $185 million for the newly established Wholesale Airport Fund (WAF)
- Delivered $1.8 billion in asset sales from the balance sheet portfolio, further strengthening the balance sheet and providing capacity to organically fund higher returning opportunities
- Achieved high occupancy5 of 95.9% for the Dexus office portfolio and 99.4% for the Dexus industrial portfolio
- Continued leadership in ESG performance, with ongoing benchmark recognition and the Sustainability strategy refreshed during the year
Dexus Chief Executive Officer, Darren Steinberg said: “Over the past decade, Dexus has continued to grow and evolve. This year we added circa $18 billion to funds under management following the AMP transaction, (including $10.9 billion of infrastructure). This transaction has positioned Dexus as a leading Australasian real asset manager of scale with $61 billion of funds under management and new capabilities in infrastructure.
“Operating in an uncertain economic environment remains challenging. In this environment we have continued to diversify our capital sources, and grow and diversify our funds management business, while we re-weight the Dexus portfolio. We have announced $1.8 billion of balance sheet divestments since the FY22 result, maintaining a strong balance sheet and enabling us to recycle capital into higher returning opportunities.”
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Head of Listed Investor Relations